The Iranian minister of economic affairs and finance on Tuesday said Tehran aims to raise annual trade with Riyadh to $1 billion in the first step of resuming economic ties.
Speaking at a press conference in Tehran, Ehsan Khandouzi added that the target was set by the Trade Promotion Organization of Iran (TPO) and is based on the two countries' capacities, IRIB News reported.
The minister said over the past few days, TPO has been preparing a roadmap for developing economic relations with Saudi Arabia, stressing that it will be finalized soon.
Khandouzi said given that Iran and Saudi Arabia are both seriously determined to resume bilateral interaction and cooperation, the launch of the joint chamber of commerce is on the agenda, IRNA reported.
He stressed that the two countries have held a total of seven meetings of the joint economic commission and exchanged 20 trade and cooperation documents.
The Iranian minister said the two countries have had no bilateral trade in some years, but last Iranian year, amid the two countries' efforts to ease tensions, the value of Iranian exports to the kingdom reached $15 million.
Khandouzi also noted that he will take a trip to Saudi Arabia in the coming weeks.
In a China-mediated deal between top security officials from Iran and Saudi Arabia on March 10, the two officials agreed to restore relations after seven years.
Iran and Saudi Arabia severed ties in 2016 after angry protesters rushed into Saudi diplomatic missions in Iran following the Saudi execution of a prominent Shia cleric Sheikh Nimr Baqir al-Nimr.
Iranian Foreign Minister Hossein Amir Abdollahian (Left) and his Saudi counterpart Prince Faisal bin Farhan Al Saud shake hands after meeting and exchanging documents in presence of Chinese Foreign Minister Qin Gang (Center) in Beijing, China, April 6, 2023.
Foreign ministers of Iran and Saudi Arabia also met in China earlier this month where they made the final decisions on reopening embassies in the two capitals.